Glassnode, an on-chain data analytics company, USDT He stated that crypto money investors who prefer to use USDC have gained momentum. This can only be clearly seen in the total number of supplies since last month.
USDC Gets Ahead of Stablecoin Competition
As of January 2021, USDC had a market cap of $4.1 billion, but the coin has gained over 1000% and is currently valued at over $55.27 billion. Glassnode’s analysis showed that since the beginning of May 2022, the total stablecoin redemption was $9.92 billion.
From the beginning of May to date, USDT saw its biggest valuation at -13 billion dollars, followed by DAI at -2 billion dollars, according to the analysis. Meanwhile, USDC’s market capitalization has increased by $5 billion in less than two months.
top 4 stablecoinThe total capitalization of (USDT, USDC, BUSD and DAI) has also exceeded the market cap of Ethereum by $3 billion, as shown in the analysis. These events revealed the surprising rise of USD stablecoins.
The other relevant factor that could help USDC strengthen has been the ongoing recent fears with USDT. It is among the information circulating in the community that Circle, which issues USDC, respects the law, unlike Tether, which has had a few legal problems.
Circle, the issuer of dollar-pegged USDC, is set to introduce a new token, Euro Coin (EUROC), by the end of June. The new stablecoin will be backed by the single European Currency, just like USDC for the dollar.
Jeremy Allaire, CEO and co-founder of Circle, pointed out that there is a demand for euro-pegged coins and that Circle will help create a secure and “interoperable worldwide exchange of value.”
“Euro Coin is a regulated, euro-backed stablecoin issued under the same full reserve model and built on the same pillars of trust, transparency and security that make USDC one of the most trusted digital currencies in the world.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.